Pros and Cons of USDA Home Loans in Virginia
- As with other types of mortgages, you can get pre-approved for a USDA home loan.
- Flexible options for using the loan, including refinancing a current mortgage.
- You can use the no down payment option for 100 percent financing.
- You can use a seller’s assist to cover closing costs.
- Flexible credit guidelines
- USDA mortgages tend to have lower interest rates.
- These loans require mortgage insurance.
What types of properties can you purchase with a USDA Home Loan?
Only single-family residences are eligible for USDA home financing. The home must be your primary residence. You can also use a USDA loan to build a new home, relocate an existing home, or make repairs/renovations.
F&M Mortgage: A Virginia Tradition Since 1908
F&M Mortgage, a division of F&M Bank, has been investing in Shenandoah Valley communities, and helping Virginia families become homeowners for more than a century. We are proud to be one of the area banks that offer USDA home loans. Our Mortgage Advisors are committed to offering friendly, personalized service, with the kind of local expertise you only find in people who live and work in your community. Ready to apply for a USDA loan? Use our online mortgage application or apply in person at your nearest branch. If you need help choosing the right mortgage loan, give us a call today!